55-57.1 - Memoranda of leases and options. - Virginia Statutes

§ 55-57.1. Memoranda of leases and options.

A. In lieu of the recording of a lease, there may be recorded with likeeffect a memorandum of such lease, executed by the lessor and the lessee inthe manner which would entitle a conveyance to be recorded. A memorandum oflease thus entitled to be recorded shall contain at least the followinginformation with respect to the lease: the name of the lessor, the name ofthe lessee and a reference to the lease; the addresses, if any, set forth inthe lease as addresses of such parties; its date; a description of the leasedpremises; and a statement of the term, commencement date or termination dateand rights of extension or renewal, if any, to the extent required todetermine the period for which or date to which the lease may be in effect.

B. In lieu of the recording of an option to purchase real estate, there maybe recorded with like effect a memorandum of such option, executed by thegrantor of the option in the manner which would entitle a conveyance to berecorded. A memorandum of option to purchase real estate thus entitled to berecorded shall contain at least the following information with respect to theoption:

1. The name of the person granting the option;

2. The name of the optionee and a reference to the option;

3. The addresses, if any, set forth in the agreement as addresses of suchparties;

4. Its date;

5. A description of the optioned premises;

6. The option price or reference to the document containing the method withregard to how the option price is computed; and

7. The statement of the term, commencement date or termination date, andrights of extension or renewal, if any, to the extent required to determinethe period during which or date to which the option may be in effect.

(1978, c. 628; 1982, c. 365; 1984, c. 573.)